KFTC Issues $43M Fine Against Otis Elevator, Others

Law360, New York (September 9, 2008, 12:00 AM EDT) -- South Korea's Fair Trade Commission has reportedly issued a combined $43.4 million fine to five elevator companies allegedly involved in a scheme to rig prices.

The country's antitrust watchdog said the companies had been involved in a price-fixing cartel for a decade, starting in April 1996, according to reporting by South Korea's Yonhap News Agency.

The five elevator companies, including Otis Elevator Co., DY Holdings, Hyundai Elevator Co., Mitsubishi Elevator Korea and ThyssenKrupp AG, allegedly divided up the market and controlled production and sales as part...